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Bloomsbury Professional Law Insight: Corporate Insolvency and Governance Act 2020

Bloomsbury Professional Law Insight: Corporate Insolvency and Governance Act 2020

  • Author:
  • Publisher: Bloomsbury Professional (formerly Tottel Publishing)
  • ISBN: 9781526517081
  • Published In: December 2020
  • Format: Paperback , 112 pages
  • Jurisdiction: U.K. ? Disclaimer:
    Countri(es) stated herein are used as reference only

List Price: HKD 520.00

HKD 504.40 Save HKD 15.60 (3%)

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  • Description 
  • Contents 
  • Details

    Having gone through an accelerated parliamentary process, the Corporate Insolvency and Governance Act 2020 came into force on 26 June, 2020 having been given Royal Assent on the 25 June, 2020.

    It introduces the most significant changes in corporate insolvency law for nearly 20 years and has been introduced in response to COVID-19. Its main aim is to assist companies and directors by providing businesses with the flexibility and breathing space they need to continue trading during the difficult time caused by COVID-19.

    The key insolvency related reforms included in the Act are:

    - New moratorium outside of a formal insolvency process
    - New restructuring plan
    - Prohibition on issuing statutory demands and winding up petitions in connection with Covid-19 related debts
    - Retrospective suspension of wrongful trading
    - Protection of supplies of goods and services

  • Chapter 1: Introduction
    WHAT NEW PROVISONS HAVE BEEN INTRODUCED?
    WHAT HAS BEEN THE REACTION TO THE PERMANENT CHANGES?
    Chapter 2: Moratorium
    INTRODUCTION
    WHICH COMPANIES WILL BE ELIGIBLE FOR A MORATORIUM?
    HOW CAN A COMPANY OBTAIN A MORATORIUM?
    WHAT IS THE EFFECT OF A MORATORIUM?
    THE MONITOR
    WHAT IS THE DURATION OF A MORATORIUM?
    CHALLENGES IN CONNECTION WITH A MORATORIUM
    INSOLVENCY PROCEDURES FOLLOWING A MORATORIUM AND SUPER-PRIORITY
    Chapter 3: Restructuring plan
    INTRODUCTION
    WHEN WILL A COMPANY BE ELIGIBLE FOR A RESTRUCTURING PLAN?
    WHAT MUST A RESTUCTURING PLAN BE DESIGNED TO ACHIEVE?
    WHAT IS THE PROCEDURE FOR ADOPTING A RESTRUCTURING PLAN?
    WHICH STAKEHOLDERS VOTE ON THE RESTRUCTURING PLAN?
    THE CONVENING HEARING
    CLASS COMPOSITION ISSUES
    THE NOTICES OF MEETINGS
    THE MEETINGS
    THE SANCTION HEARING
    THE ORDER MADE AT THE SANCTION HEARING
    FOREIGN COMPANIES AND STAKEHOLDERS
    PENSION SCHEMES
    Chapter 4: Restrictions on the termination of supply contracts
    INTRODUCTION
    THE PRE-CIGA 2020 REGIME
    THE CHANGES INTRODUCED BY CIGA 2020
    WHAT RESTRICTIONS WILL BE IMPOSED?
    HOW WILL THE NEW PROVISIONS WORK IN PRACTICE?
    Chapter 5: Temporary provisions
    ADMINISTRATION: SALES TO CONNECTED PERSONS
    SUSPENSION OF LIABILITY FOR WRONGFUL TRADING
    SUSPENSION IN RELATION TO WINDING-UP PETITIONS
    REGULATIONS TO AMEND LEGISLATION

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